SINGAPORE — Electronics giant Panasonic is retrenching 700 employees in Singapore as it plans to cease manufacturing of refrigeration compressors here by the end of September 2022.
In response to media queries, Panasonic said about half of the affected workers are Singaporean and another 13 per cent are permanent residents. About 60 per cent of the workers are aged 50 or older, while another 30 per cent are between 30 and 50 years old.
The first batch of retrenched staff will work until 31 March 2022 while the last day for the second and last batch will be on 30 September.
Panasonic Appliances Refrigeration Devices Singapore, located in Bedok South Road, currently has 760 employees. With the closure of the unit, Panasonic will consolidate its compressor manufacturing operations to its facilities in Malacca in Malaysia and Wuxi in China.
Panasonic said in a statement, “We are working very closely with the relevant authorities, government agencies, and United Workers of Electronics & Electrical Industries to ensure all affected employees are well-supported during this transition, including assisting with job placements.”
The company’s research and development operations in Singapore will remain while the city-state will continue to be the global headquarters of the refrigeration compressor business.
“Singapore remains a regional and important hub for Panasonic. The Panasonic group in Singapore will continue to have more than 1,400 employees across various business domains, including high-value manufacturing, R&D and our Asia Pacific Headquarters.”
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